Bitflip Cryptocurrency Exchange Comprehensive Overview 2018

BitFlip is a new cryptocurrency exchange platform established in 2017 in Hong Kong. The cryptocurrency exchange allows users to trade both fiats and crypto coins. Meanwhile, the trading volume of the exchange is comparatively low so far - around $500.000 per year, including Nano pairs.

The interface of the BitFlip cryptocurrency exchange is easy to understand.

The first one represents a candlesticks trading chart. Read more about cryptocurrency charts here.

A list of trading pairs with the up-to-date exchange rates and changes

Limit orders where you can leave an order to buy or sell cryptocurrency

Sell orders show the price and the currency of the other trader's orders. You can choose one to trade your cryptocurrency if it suits you

The same as the sell orders, but here you can choose the suitable order to buy some currency

Your active orders display

Deals section reflects the finished orders

Trollbox section where all the users can chat and troll each other. However, it seems to be inactive

Bitflip security measures

Bitflip doesn't support ID verification and provide the following security measures:

2FA (Two-factor authentication) - a short piece of code which they send to your phone to log in. You can use a Google authenticator as well. For that, download it on your phone and input the same e-mail you use on Bitflip. Then go to Bitflip, proceed to account settings, click on Google authentication and scan the suggested code.

HTTPS protocol for all the operations on the exchange.

Verification and recognition with your computer's IP/country/city:

However, I didn't find on the website any information related to the methods of keeping customer's funds, the history of the company nor the crypto exchange's team:

As for me, I would have thought hundred times before trusting them my money.

How to deposit and withdraw USD

Click on "My wallets" or your login to proceed to the wallets page

Then click on "Deposit" button to make a deposit.

The system will display the available types of payment for USD deposits:

And a wallet address for BTC (or any other cryptocurrency you choose) deposits:

The withdrawal process is similar to the deposit one. Just click on the withdrawal button in front of the cryptocurrency you want to withdraw, fill in the form and get the money on your wallet. To withdraw money you will have to enable 2FA in the settings section of your account. As easy as that!

Pay attention to the withdrawal methods on Bitflip. They are not the same for each fiat currency.

USD - Perfect Money

EUR - Capitalist

RUB - YandexMoney, Advcash

THB - none. The same with the deposit section. It seems it is not supported at all.

UAH - Advcash

Bitflip coupons payment

Bitflip uses coupons for fee-free transferring money between the users. Click on the link or on the "Coupons" button in your account to proceed there:

To create your own coupon make the following steps:

Choose a wallet you will use

Fill in the amount you are going to reserve

Enter a 2FA code

Click on the "Create Coupon" button

Copy the string of numbers and letters which is a coupon and put it in a safe place

To activate your coupon just paste the string of numbers and letters in the "Activate coupon" section which is below the "Create coupon" one, click "Activate coupon" and the sum of money will be transferred to your crypto wallet account.

Available Fiats

Thai baht (THB) (however, I didn't find how to deposit or withdraw the currency)

Ukrainian hryvnia (UAH)

Bitflip fees

Bitflip takes very high fees, depending on payment method and currency.

Besides, Bitflip fees depend on the person who makes an order - taker (who buys or sells without order creation) and maker (who creates an order to sell/buy):

Customer Support

Bitflip has a F.A.Q. question on the website where they give answers on the popular questions:

However, there is no any filling form to ask your own question. Although, the other customer support service which is also supposed to work, allows to ask a question. Why "supposed"? Because I didn't get any answer within 3 hours:

My message wasn't even seen, as you can see on the screen.

They say, the e-mail support is available as well, but I didn't find the Bitfind's support email on the website.

Six hours later, a consultant replied and provided an email address (contact@bitflip.cc), where I should ask my question again:

Bitflip affiliate program

The working mechanism of the program is simple: you invite an active trader to the Bitflip platform and get an income from the percentage of his deals.

Here is how the crypto exchange team describes how to do this:

"First you should register on platform. Then go to userspace clickcing on your name on top fo the page and affiliate program menu. You will find special link there that should be used for inviting new traders. You can invite traders on any page just save ref parameter in link."

Well, I tried to register but there is no any link or a register button on the page.

Besides, they promise from 40 to 70 percent from their fees related to the deals of the users you are supposed to invite.

Depending on your partners' income, the percentage is the following:

from $100 to $1999 – 45%

from $2000 to $4999 – 50%

from $5000 to $14999 – 55%

from $15000 to $99999 – 60%

above $100000 – 70%

Moreover, they promise an increased percentage for the "partners who are serious interested for small deposit". To learn more about the program, click here.

Bitflip Dividends

Bitflip offers a special dividends program for FLIP holders. To participate in the program one should have 1000 FLIP on the crypto exchange account and do not use it for trades. In exchange, they will "split 10% of all commissions from deposits and trades for whole pool".

To find out how many percents you have just click on the "Dividend program" button in your account page:

Bitflip pros and cons

Pros

Five fiat currencies accepted

A lot of supported payment methods

Plenty altcoins available

Intuitive trading platform

Low crypto coins transfer fees

Cons

How to deposit and withdraw THB?

No convenient payment methods such as Webmoney, PayPal, credit/debit card

No information about the team and how the crypto exchange works, where they storage customers' funds

A lot of complaints on the transactions speed

A lot of misprints, untranslated pieces of texts:

Conclusion

Bitflip cryptocurrency exchange has become popular thanks to to its Nano pairs transactions.

However, the platform does not look like a product of the team of specialists. We cannot even know the names of the team members nor the information about the company. We just know that they exist on the cryptocurrency market, registered their business in Hong Kong and run the crypto exchange with a low trading volume. Will you trust your money to such a company? Where do they store your money? What are the guarantees they won't disappear tomorrow with you money? There are a number of questions without answers. As you can see from the overview, the platform is just a mix of bugs, and not a fully functioning crypto exchange.

Nevertheless, taking into account the dividends and affiliate programs, the team of the crypto exchange is rather ambitious. We will watch for their further development and can wish them good luck.